The European Union is lacking a well-developed cyber insurance market that could push companies to better protect their information systems and data, the European Network and Information Security Agency (ENISA) said in a report published on Thursday.
Currently available data suggests that the E.U. insurance market for cybersecurity risks lags behind the U.S. For example, in the U.K. there are only a handful of insurance companies that offer cyberinsurance products, compared to between 30 and 40 in the U.S., ENISA said.
The agency argues that such specialized insurance products could bring benefits to the overall state of IT security for both businesses and individuals.
For example, insurance providers could help strengthen existing IT security standards and offer reduced insurance premiums to companies that implement them.
"If a company can show that it has adopted a set of practices generally considered by the community to be worthwhile things to do with respect to cybersecurity, then this will reduce information asymmetries and better demonstrate to the market that the firm takes security seriously," ENISA said.
Read more: EU IT Security Would Benefit From a Stronger Cyberinsurance Market, Study Says | PCWorld Business Center
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